The Official Saint John, NB Project Thread

[JHikka]

Originally Posted by ErickMontreal

The strongest markets were also something of a surprise, with Saint John, N.B., leading dollar value growth at an 18.9-per-cent clip.[/FONT]

So wait, we lead dollar value growth in housing markets but also the highest vacancy rate? Wouldn't this mean that you can get more of your money's worth in SJ because there are not as many other prospective buyers and thus the market has to adjust (IE start low)?

"The strongest markets were also something of a surprise, with Saint John, N.B., leading dollar value growth at an 18.9-per-cent clip. But Atlantic Canada’s long-depressed real estate markets mean places like Saint John are starting low, and high growth rates are more easily achieved than in more expensive places."

The full list:
Best:
1) Saint John (18.9%)
2) Windsor (17.1%)
3) Calgary (14.8%)
4) Kitchener-Waterloo (11.4%)
5) Sudbury (10.7%)

Worst:
1) Halifax (-36.1%)
2) Vancouver (-32.2%)
3) St. Catharines (-26.9%)
4) Victoria (-26.0%)
5) Fraser Valley (-25.5%)

[CdnEh]

Originally Posted by JHikka

So wait, we lead dollar value growth in housing markets but also the highest vacancy rate? Wouldn't this mean that you can get more of your money's worth in SJ because there are not as many other prospective buyers and thus the market has to adjust (IE start low)?

"The strongest markets were also something of a surprise, with Saint John, N.B., leading dollar value growth at an 18.9-per-cent clip. But Atlantic Canada’s long-depressed real estate markets mean places like Saint John are starting low, and high growth rates are more easily achieved than in more expensive places."

The full list:
Best:
1) Saint John (18.9%)
2) Windsor (17.1%)
3) Calgary (14.8%)
4) Kitchener-Waterloo (11.4%)
5) Sudbury (10.7%)

Worst:
1) Halifax (-36.1%)
2) Vancouver (-32.2%)
3) St. Catharines (-26.9%)
4) Victoria (-26.0%)
5) Fraser Valley (-25.5%)

I think we should change our slogan...

"Saint John: Explore our statistical contradictions, discover your future"

[DizzyEdge]

Well when you can get a 'fixer upper, renos already started!' house in SJ for $40k, I suppose you could argue that you are getting more than your moneys worth, as although it sounds like a scary place, the price is in car territory.

[cdnguys]

Just to comment about high vacancy rate in city - the survey also showed rents have gone up. Despite commentary stating otherwise, there has been a healthy increase in new apartment construction in Saint John. I suspect the vacancy rate for "good stock" apartments are on par with rest of Canada, but when you throw in central / south end / old North apartments its probably way above 10% vacancy. Look at Abby St. Andrew alone with 90 new apartments with half being subsidized - a lot of those people would have vacated sub-standard apartments. How many apartments did the former Courtney Bay Inn throw in the mix?

My point is that if 10% vacancy was universal to new, moderate and sub standard apartments - rents theoretically would go down due to supply and demand.

[CdnEh]

Originally Posted by DizzyEdge

Well when you can get a 'fixer upper, renos already started!' house in SJ for $40k, I suppose you could argue that you are getting more than your moneys worth, as although it sounds like a scary place, the price is in car territory.

I know houses are cheap in Saint John but 40k is pushin' it... I'd assume it'd have to have crossed "fixer upper" territory into the "tearer downer" zone.

[someone123]

That article's a good example of a heavily distorted story based on very little information. They are going off of only the relative change in the value of housing sold during November 2012 compared to November 2011. You could pick another month and the story would be completely different, so there's almost no information about how the markets are evolving.

There's also no information about how sales in the different markets compare to each other, even though that's what people tend to use these articles for. Even if one market drops it can still have more sales than a market where sales increased.

[JHikka]

Originally Posted by CdnEh

I know houses are cheap in Saint John but 40k is pushin' it... I'd assume it'd have to have crossed "fixer upper" territory into the "tearer downer" zone.

Been to the North End lately?

92 Victoria Street
2 Family
Assessed at $87,000
Price $74,900

173 Victoria
5 Bedroom
Assessed at $88,200
Price: $79,900

66 Durham Street
2 Family
Price: $89,900

http://royallepageatlantic.com/

If you walked up with 40K i'm sure they wouldn't turn you away.

[nwalbert]

Originally Posted by CdnEh

I know houses are cheap in Saint John but 40k is pushin' it... I'd assume it'd have to have crossed "fixer upper" territory into the "tearer downer" zone.

Whats interesting is that Saint John always has and continues to lead the province in Average home price.

[DizzyEdge]

$25k
http://www.realtor.ca/propertyDetail...Key=2053337616
https://maps.google.com/maps?q=39+Be...334.15,,0,7.62


$30k
http://www.realtor.ca/propertyDetail...ey=-1651863925
https://maps.google.com/maps?q=189+W...240.33,,0,0.28

It's actually the low prices which is one of the things which drives my interest in SJ. Even some of the Uptown homes are cheap enough I could sell my shack here and buy something nice, and have some $$ left over to try my hand at restoring some historic place which has seen better times.


This might seem crazy but I actually really like this one, its' not for sale though
https://maps.google.com/maps?q=39+Be...126.76,,0,0.55

[CdnEh]

I don't know the stats on it all, but it seems housing prices in Saint John have gone through the roof, though.

In 1996 my parents paid $84k for a large, well kept, 7 bedroom, 121 year old home in Saint John West. With no *major* renovations, last year it was appraised at $250,000.

[cdnguys]

We purchased our uptown home in 2004 for $115K and now would easily fetch $200K. Better investment in stock market.

[DizzyEdge]

Is it a case that there are nice areas which are always in demand, and shabby areas which never are, and the low prices in the latter drives down the average house price, even though the nice areas are good investments?

[CdnEh]

Originally Posted by DizzyEdge

Is it a case that there are nice areas which are always in demand, and shabby areas which never are, and the low prices in the latter drives down the average house price, even though the nice areas are good investments?

I don't think there's any question that a home placed in the North End or Lower West Side would fetch a considerably lower amount than it would if that exact same house was in Islandview Heights or Millidgeville.

[DizzyEdge]

I'm just wondering if those houses have low enough prices and lack of price increase that it noticeably affects the 'average' SJ house price and average price change stats, causing the market to see softer than it really is.

[ErickMontreal]

Saint John :: Autumn 2012







By Mike Capson :: http://www.flickr.com/photos/saint-j...-capson/page6/

[CdnEh]

Originally Posted by ErickMontreal

Saint John :: Autumn 2012

By Mike Capson :: http://www.flickr.com/photos/saint-j...-capson/page6/

Very nice.

We really need more photos of the gorgeous decorating they've done in the King St area... that place really pops at night with al the lights on the trees.

[WharfRat]

Very nice photos...nicely captured!!

[Peter_johnns]

great shots! good to be home for the holidays and to see the amazing south- central peninsula!

Question: does anyon know how to post photos to wikipedia well? I added a photo of cape spencer on redhead road ( under the east side category) but it did not turn out right. if anyone can just go to sj page on wikipedia.

[JHikka]

I don't think it's been said in this thread but I really love how the Fortress of Vengeance turned out. It looks absolutely great.

[CdnEh]

Originally Posted by JHikka

I don't think it's been said in this thread but I really love how the Fortress of Vengeance turned out. It looks absolutely great.

Indeed.

I hope to never have to make use of such facilities, but it is a very pretty addition to Saint John's skyline.

Now if they could only make the parking garage pretty...

Speaking of the parking garage, what is its status? Is it complete? I noticed they put what looks like plastic covering on all of the windows for some reason.